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Saudi Aramco plans expansion in India with new unit

Company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year

Reuters  |  New Delhi 

Oil giant Saudi Aramco will open an Indian subsidiary next week, three sources said, as the top global oil exporter looks to tap rising demand and invest in the world's third-biggest consumer. The company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country. Saudi Arabia is competing with Iraq to be India's top oil supplier, with Iraq displacing it for the fifth month in ...

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First Published: Wed, October 04 2017. 23:48 IST
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